As the US plans to send troops into the middle east regarding the drone strike on Saudi Arabia last week, I'm expecting to see some upward movement in the price of oil. It had the biggest surge in decades when the market opened on Sunday. After retracing the rest of the week, it seems to have found support above the 200 EMA. If this continues to hold, I'm expecting a push up to 66. 200 EMA and zone also lines up with a 61.8% fibonacci retracement to add more confluence.
targets:
60.94
63.75
66.55
Weekly:
2D: 2 doji's signaling the end of the downtrend from the large bullish engulfing candle. Finding support above 200 EMA
Daily: Bullish engulfing candle on the 16th of september. Busted through zone and the 200 EMA and is now finding support on both of these areas. We have a 3 doji's signaling a reversal in the market coming up.
8H: 5 8h candles finding support on the zone. Holding strongly.
4H: 5 wicks finding support on zone. 4h bullish pinbar on 18th with 2nd chance bullish pin bar forming
1H: finding support on 200 EMA